***Market Focal Points/Key Themes***
- Nike shares are up 3% afterhours following impressive Q4 numbers, beating on the top and bottom line. Futures orders were up 11%, while gross margins rose 170bps to 45.6%. Even China - previously a soft spot - appears to have made a fully recover from its inventory adjustment with a 4% rise in sales.

- A set of economic data from Japan came in mixed. Household spending is down sharply, even though finance min Aso said the decline was within expectations and still reflects adjustment from higher sales tax. Moreover, the y/y drop in retail sales was not nearly as bad as expected. Jobless rate hit a 6-year low however, and job-to-applicant ratio expanded to a 20-year high. National CPI continued its steady climb to 3.7%, while core rate hit its highest since 1982, potentially further diminishing the outlook for more BOJ easing. USD/JPY hit a 1-month low below 101.40, also helped by the falling US yields.

- NZD hit a 3-year high above $0.8790, with a slightly higher than expected trade surplus serving as catalyst. Later in the day, RBNZ Gov Wheeler released the 2014-17 central bank outlook, claiming RBNZ will steer policy to avoid damage of high inflation.

- China industrial profits growth slowed but not sufficiently to signal a pronounced retreat. In the property sector, local press reported Shanghai developer "Yuehe Real Estate" halted construction, entering a technical default. Developer was said to have run up about NY240M in debt, requiring CNY300-400M in funding to continue construction.